N50m investment raise on first quarterly event

folarin okunola

April 5, 2016 9:41 AM

The Lagos Angel Network (LAN) planned to raise at least N25 million per quarter in the deal events but the first edition raised about N50 million.

Lagos Angel Network

Lagos StartUp Deal Day held last week but the events that took place on the day surpassed organizers' expectations, raising twice the target.

The Lagos Angel Network (LAN) planned to raise at least N25 million per quarter in the deal events but the first edition raised about N50 million.

"LAN had qualified three syndicates led by members to raise money within their syndicates to put in the best companies that applied. With support from VC4Africa, the 238 companies that applied for the DealDay were pruned initially to 57, then to 10 and finally to 5. It was the last five that pitched to investors on the 31st," said Collins Onuegbu, Signal Alliance founder, in a LinkedIn post.

READ: Lagos Angel Network launches quarterly event, to invest N100 million in 2016

Five companies pitched on the day and three of those companies got investment. The LAN panel said the remaining two companies will probably get investment as well but on subsequent deal days.

The three companies that got investments were not mentioned but LAN said they operate in the retail, education and media industries respectively.

The next Lagos StartUp Deal Day event will hold on June 30, 2016.

folarin okunola